Suzhou, China, Dec. 8, 2020 — GaiaWorks, the leading provider of workforce management cloud services, announced today closing RMB 500 million in Series D1 funding. The funding was led by GGV Capital, Tencent, EDBI, Index Capital, and existing investor Matrix Partners China also participated in this round.

"China is the largest workforce market globally, and workforce management in China is complex and dynamic," said Simpson Zhang, co-founder and CEO of GaiaWorks, "We have focused on workforce management for more than a decade, and our customer retention rate is still over 99%. We will invest more in technology and connect enterprises, employees, and partners with our flexible workforce management platform as well as consolidate our leadership in the Chinese market and go global to serve more frontline workers."

GaiaWorks WFM solution focuses on solving the three critical workforce issues of how many people are needed, how many people are actually working, and how well they are doing. Customers use GaiaWorks' product to predict workforce demand, optimize workforce scheduling, replenish flexible labor, manage time and attendance for a diverse workforce, analyze and improve workforce efficiency and sales effectiveness, and connect companies with the frontline workers to achieve cost efficiency and compliance.

Founded in 2009, GaiaWorks has served more than 1,500 customers and 5 million frontline workers in 24 countries across the Asia-Pacific, Europe and North America, making it the leading brand in China and the Asia-Pacific region for workforce management cloud services. Among them are several large corporations:

• One of the world's largest restaurant chains, with over 200,000 employees in China.
• One of China's largest acoustic high-tech manufacturing companies, with over 170,000 employees in China and Vietnam.
• One of the largest real estate companies in China, with over 100,000 employees.
• One of the world's largest display manufacturing companies, with more than 70,000 employees.
• One of China's largest dairy companies, with over 60,000 employees.
• One of the world's largest field service companies, with over 16,000 employees in China.
• One of the world's largest beauty groups, with more than 10,000 employees in the Asia-Pacific.

"GaiaWorks is an excellent and innovative SaaS company," said Eric Xu, managing partner at GGV Capital, "Top-level clients drive workforce management with very rigid but complex customer needs, and we have seen GaiaWorks' products, technology, and service gain a strong reputation in the marketplace. GaiaWorks is a long-time leader in workforce management in China. With the help of GGV, we believe GaiaWorks will be able to run faster and steadier, continue to lead the market, and grow into a Chinese global company."

"As one of the earliest and largest investors in GaiaWorks, Matrix Partners China witnesses the company's rapid and highly efficient growth," said Kevin Xiong, partner of Matrix Partners China, "We are confident the management team will continue to lead the company to become one of China's leading technology companies in the HR field by continuing to focus on customers and building the best product."

About GaiaWorks
GaiaWorks is a leading Chinese provider of a global workforce management cloud service. GaiaWorks has more than 1,500 enterprise clients, with 5,000,000 employees located in 24 countries and regions that use our workforce management cloud services to effectively control labor costs, enhance workforce efficiency, reduce compliance risks, and improve employee engagement. GaiaWorks was founded in 2009 and is headquartered in Suzhou, China. Its investors are GGV Capital, Tencent, Tiger Global Management, Warburg Pincus, Matrix Partners, EDBI, etc. A Great Workforce, Gaia Works.

About GGV Capital
GGV Capital is a global venture capital firm that invests in local founders. As a multi-stage, sector-focused firm, GGV focuses on seed-to-growth stage investments across enterprise tech, smart tech, social/internet and new technology sectors.
The firm was established nearly two decades ago in Singapore and Silicon Valley to provide multi-stage investment to the best globally-minded business founders, including Alibaba, Ctrip, Grab, Hashicorp, Loggi, Opendoor, Peloton, Poshmark, Square, Slack, TikTok, Udaan, Youku-Tudou and more. We quickly established ourselves as a global firm with five offices around the world.
Today we're expanding our global footprint with investment roadmaps across the US, Latin America, Israel, Southeast Asia, China and India, growing to manage 13 funds with over $6.2 billion AUM (with $5bn raised this decade).

About Tencent
Tencent uses technology to enrich the lives of Internet users. Our communications and social platforms Weixin and QQ connect users with each other, with digital content and daily life services in just a few clicks. Our high performance advertising platform helps brands and marketers reach out to hundreds of millions of consumers in China. Our financial technology and business services support our partners' business growth and assist their digital upgrade. We invest heavily in talent and technological innovation, actively participating in the development of the Internet industry.
Tencent was founded in Shenzhen, China, in 1998, and listed on the Main Board of the Stock Exchange of Hong Kong since June 2004.

About EDBI
Investing since 1991, EDBI is a Singapore-based global investor in select high growth technology sectors ranging from Information & Communication Technology (ICT), Emerging Technology (ET), Healthcare (HC) and other strategic industries. As a value creating investor, EDBI assists companies achieve their ambitious goals by leveraging our broad network, resources and expertise. With our growth capital, EDBI supports companies seeking to grow in Asia and globally through Singapore. www.edbi.com

About Index Capital
Index Capital is a leading fully integrated investment bank in China. It is committed to becoming an external CGO-Chief Growth Officer, accompanying and promoting innovative enterprises to achieve exponential growth. Since its establishment in November 2014, Index Capital has accumulated rich transaction experience in consumer, technology, healthcare and other fields, and has helped hundreds of enterprises including Gaia Workshop, Weimob, BOSS, RongCloud, eRoad, Yunxuetang, YEESTOR, Yuanxin Group, ClouDr, LinkDoc, HuaSheng, Supermonkey, Song Xiaocai, LOHO, UNIVERSAL EDUCATION GROUP, complete their fundraise, accumulate and attain competitive advantages.

About Matrix Partners China
Matrix Partners China, an early stage Venture Capital firm in China which founded 12 years ago. During the past decade, the comprehensive performance of our fund is consistently among the top. Matrix Partners China is the early stage investor in many newly listed companies such as Lixiang (electric vehicle), Xiaopeng (electric vehicle), Peijia(medical instruments). Matrix China has also invested in many great companies: Didi (ride sharing), Ele.me (food delivery), Guazi.com (secondhand auto marketplace), Momo (social), Yuanfudao (online education), VIPKID (online education), FUTU (fintech), etc.
Matrix Partners China combines local knowledge with global experience and vision. Matrix Partners China is committed to building long-term relationships with outstanding entrepreneurs and helping them build significant, industry-leading companies.